Strike Energy shares plunge 23% after failed well test
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The news: Shares in ASX 200 newcomer Strike Energy plummeted 23% by 1.57pm AEDT after it announced a failed well test in the Perth Basin.
The numbers: Oil and gas explorer Strike saw shares fall to 31.5 cents in its worst intraday fall since January 2005, following news that its South Erregulla-3 well failed to flow during testing.
The context: Strike, which was added to the ASX 200 index last week, said the testing results were not expected.
The Perth-based company will, however, proceed with further analysis and data collection while reviewing the potential to return to the well. Strike also said it will be drilling the Walyering-7 and Erregulla Deep-1 wells this half of the financial year.
The source: ASX announcement
